In meetings last week , the financial leaders from the group of 20 largest economies in the world ( G20 ) has set a target of 2 % growth in the next five years , equivalent to an additional 2,000 jobs billion.
G20 expects that this will create millions of new jobs . Here are the results after two days meeting of Finance Ministers and Central Bank Governor G20 in Sydney ( Australia ) . The main session will take place in November in Brisbane ( Australia ) .
G20 economies including developed and emerging , from the U.S. to Saudi Arabia or China . This group contributed 85 % of global GDP .
U.S. Treasury Secretary – Jacob Lew commented this agreement is essential to the recovery in the global economy , ” a new page ” . ” The G20 members have made it clear that promote growth and demand is the number one priority of the world economy ,” he told the BBC .
Meanwhile , Finance Minister Australia – Joe Hockey ‘s call this statement ” no precedent ” . He said : ” This is the first time we put specific numbers on operational targets ” . The summation of the G20 also said they will have strong move to increase investment and employment .
Another topic was also brought up in the meeting is to discuss tightening tax rules between countries . The companies transfer profits from high- tax countries to low- tax countries has sparked anger in Britain and the U.S. for many years . Some sights are now in Starbucks , Google , Apple and Amazon .
G20 has outlined a set of common standards for sharing banking information between countries . Information sharing system will automatically take effect at the end of 2015. “Some transnational companies do not pay tax in accordance with law . Therefore , we want to speak globally ,” said Mr Hockey .